Foreclosure rates fall to their lowest level since 2008
The national inventory of home loans in foreclosure continues its decline and is now near pre-crisis levels according to Black Night Financial. Their preliminary report on April’s housing situation released on 5/22/15 showed that the percentage of loans in some stage of foreclosure, nationally, fell 25.5 percent from April 2014 to April 2015 or down to 1.51 percent of total loans. That is the lowest it has been since January of 2008.
Black Knight also showed that foreclosure starts dropped 22 percent from March 2015 to April falling to 73,500, which is 7 percent lower than one year ago.
April’s low foreclosure rate is a good indicator of the general health of the US housing market. Low foreclosure rates also directly correlate to decreased distressed property sales, so the pre-crisis levels of foreclosures correlate low investor activity. That means that homeowners buying and selling their primary residences are driving the strong sales figures that are being seen in San Diego and elsewhere in the nation.
Potential homebuyers people currently looking to refinance will find current mortgage rates are near all-time lows with conforming no point 30-year mortgage rates averaging 3.875 percent while 15-year rates are averaging 3.125 percent.